Below is your weekly update for the Big Bear real estate market as of 2/16/2009 (Happy President’s Day!).
|Property Type||Listings for Sale||Change from Last Week||Pending Sales||Change from Last Week||Sales Year to Date||Change from Last Week|
|COMMERCIAL & RES INVESTMENT||52||0||4||0||0||0|
A few notes about the market –
Home sales for the year now stand at 70 closed sales. Compare that number to 46 closed sales during the same time period in 2008 and you can see that sales are picking up in Big Bear. Prices are a different story though. The median price for 2009 stands at $223,850 while the median price for the same time frame last year was $290,000, a 23% drop in the median price. The average price is closer to a 35% drop since the same time frame in 2008 ($268,953 in 2009 vs. $409,856 in 2008).
Of the 7 homes that went into escrow, 4 (57%) were bank owned. And of the 13 closed home sales during the past week, 7 (54%) of them were bank owned.
Residential properties continue to dominate what is selling, making up 121 (85%) of the 142 total properties that are in escrow and all but 3 (96%) of the closed sales so far this year.
Stay tuned next week as I plan to dive into the foreclosure numbers here in Big Bear including notice of defaults, notice of sales, properties that went back to the bank, and those that sold at auction.
See last week’s Big Bear real estate market numbers.
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* Information updated weekly, courtesy of the Big Bear MLS. This update includes MLS data from areas including Big Bear Lake, Big Bear City, Moonridge, Fox Farm, Sugarloaf, Erwin Lake, Fawnskin & Baldwin Lake. It does not include data from areas in the Big Bear MLS that are located outside of the Big Bear area or data on properties in Big Bear that are listed in other MLS systems.